Many experts are concerned that Ripple’s XRP asset may be labeled as a security by the SEC. Those concerns first became apparent several months ago when a securities fraud lawsuit was filed against the company. The plaintiffs claimed the firm had sold securities to investors while maintaining centralized control over the currency’s supply.
Although this appeared to be a one-off incident caused by one dismayed XRP investor, things deteriorated rather quickly. Numerous people have joined this securities fraud lawsuit, and Ripple has been forced to beef up its legal team to counter these threats. Former SEC chair Mary Jo White and attorney Andrew Ceresney are now part of Ripple’s efforts.
via Ripple Beefs up Its Legal Team to Address the XRP Securities Lawsuit | NullTX.
